Tuesday, August 13, 2024
ANALYSIS OF IRAQ NEWS: CBI SENT FOREIGN CURRENCY EXCHANGE PROCEDURES, ADVANCED TRAINING AND INSTRUCTION BY DINAR REVALUATION, 13 AUGUST
Breaking News
CBI Banking Announcement:
"Foreign Exchange Service Provider Agents Working Procedures"
Procedures for the service of foreign exchange providers are currently being given instructions.
© Goldilocks
https://cbi.iq/news/view/2638
ANALYSIS:
It sounds like the Central Bank of Iraq (CBI) is focusing on improving the proficiency of their employees in handling foreign currency exchange procedures. This is a critical area for maintaining financial stability and ensuring accurate and efficient operations in currency management.
If the CBI is providing guidelines or instructions to its outlets for advanced training, it likely involves several key areas:
Understanding Exchange Rate Mechanisms: Employees would need to understand how exchange rates are determined and the factors that influence fluctuations. This includes knowledge of market forces, economic indicators, and geopolitical events.
Procedures for Foreign Currency Transactions: Training would cover the specific procedures for handling foreign currency exchanges, including transaction processing, documentation, and compliance with regulations.
Risk Management: Training would address how to manage risks associated with foreign currency exchanges, such as currency risk, liquidity risk, and counterparty risk.
Regulatory Compliance: Employees would need to be well-versed in both local and international regulations governing foreign currency transactions to ensure compliance and avoid legal issues.
Technology and Tools: Familiarity with the technological tools and systems used for foreign currency transactions, including software for exchange rate calculations and transaction processing, would be essential.
Customer Service: Since foreign currency exchange often involves direct customer interaction, training would also focus on providing excellent customer service and handling inquiries and issues related to currency exchange.
If you need more detailed information on the specific instructions or the training program, you might want to refer to official communications from the Central Bank of Iraq or consult their website for updates and resources
LATEST FROM RV HIGHLIGHTS VIA TELEGRAM, 13 AUGUST
RV HIGHLIGHTS
Translated directly from the CBI document:
Licensed banks all approved
Electronic payment companies all approved exchange companies from categories A and B
Procedures for the work of agents of external transfer service providers
Greetings
Based on the supervisory and supervisory role of this bank. And in order to regulate the with procedures of agents providing foreign remittance services in light of the rapid developments of the financial coal transfer service and to limits to insure for speculation purposes and benefiting from the exchange rate difference. It is decided that you will obtain valid residency and passports for non-Iraqis (foreigners) for the purpose of completing transfer, provided that these supporting documents represent the minimum requirements and you can request any additional document if necessary to act accordingly. With appreciation.
⚡️ This is more from the CBI detailing procedures for A and B licensed exchange companies performing exchanges for non-Iraqi individuals. This is ONLY f in-country for Iraq. This does not correlate to any reclassifications of currencies (those don't exist remember), or movement of rates. This is simply official notice from the CBI for procedures for bank personnel making the exchanges, they now require a PASSPORT, and valid residency notice. I have also included the recent posts on A/B categorization from here in this channel. So you the reader have a better understanding of what this TRULY means, and not the spin.
© Red™✨
❓ What is an A B categorization?
Directly from the CBI starting in 2021 LINK and more LINK and more LINK
❓ Does the US SEC have ANY influence in Iraq?
ANALYSIS OF IRAQ NEWS: Nearly 200 billion dinars in “fines” from the Central Bank of Iraq on banks and exchange companies BY DINAR REVALUATION, 13 AUGUST
Nearly 200 billion dinars in “fines” from the Central Bank of Iraq on banks and exchange companies
Mawazine News – Baghdad
The Central Bank of Iraq announced on Tuesday that fines imposed on banks and non-banking institutions (exchange companies) amounted to more than 181 billion Iraqi dinars during the past six months.
A table from the bank showed that “the fines imposed on banks and financial companies during the past six months, starting from January until the end of last June, amounted to 181 billion, 842 million, 854 thousand, and 458 dinars,” indicating that “the fines also included 151 administrative penalties for these banks and non-banking institutions, distributed between warnings, alerts, and grace periods.”
The table showed that “January witnessed the highest fines on banks and non-financial institutions, as these fines reached 98 billion, 277 million, 722 thousand, and 62 dinars, with 17 administrative penalties, while June witnessed the lowest fines, reaching 2 billion, 829 million, 157 thousand, and 288 dinars, with 30 administrative penalties.”
The table did not show the names of the banks that were fined and the administrative penalties.
The Investors Association in the Iraq Stock Exchange had criticized the Central Bank of Iraq for increasing fines on banks, indicating that it would affect the profitability of investors in the shares of these banks.
https://mawazin.net/Details.aspx?jimare=253179
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ANALYSIS:
The Central Bank of Iraq reported on Tuesday that it imposed fines totaling over 181 billion Iraqi dinars on banks and non-banking institutions, such as exchange companies, in the past six months.
The fines, which span from January to June, amounted to 181,842,854,458 dinars. This also included 151 administrative penalties, which comprised warnings, alerts, and grace periods.
According to the data, January saw the highest fines at 98 billion dinars with 17 administrative penalties, while June had the lowest fines at approximately 2.8 billion dinars with 30 administrative penalties. The specific banks or institutions fined were not disclosed.
The Investors Association of the Iraq Stock Exchange has criticized the Central Bank’s approach, expressing concern that the increased fines could negatively impact the profitability of investors holding shares in these banks.
For further details, you can view the original article on Mawazine News here.
CBI SENT THE INSTRUCTIONS ON CURRENCY EXCHANGE BY GINGER, 13 AUGUST
GINGER
Freedom Prevails, Liberty Lounger Extraordinaire
💥 Here are screenshots of the CBI website ... this IS SO EXCITING ...I can't translate the PDF exactly, but it has to be the instruction on currency exchange!!!!! I can feel the sand between my toes already and the sun shining on my face .... LET'S GO!!!! 🔥❤️🔥
💢 Goldilocks confirmed this has to do with Foreign Exchange Service Providers Working Procedures 😁
8.13.24